Carl Icahn reports $2 billion Apple stake

Nov. 14, 2013
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Financier Carl Icahn / Henny Ray Abrams, AP

by Scott Martin, USA TODAY

by Scott Martin, USA TODAY

SAN FRANCISCO -- Billionaire Carl Icahn has picked up ownership of nearly 3.9 million shares of Apple.

The holdings come to light as the activist investor has been pressing Apple CEO Tim Cook and the board to buy back $150 billion in stock. The increased holdings are part of a plan of gaining ownership leverage to wage influence over Apple.

Icahn disclosed holdings valued at $369.5 million and $1.48 billion at the time of acquisition, according to documents disclosed Thursday with the Securities and Exchange Commission.

Icahn's position would be valued at $2 billion, based on Apple's closing price of $528.16 on Thursday. Icahn's total position in Apple is expected to be larger than what was disclosed.

Icahn sent Cook a letter last month pushing the board to increases its stock buyback plan. He said at the time that he had increased his holdings to 4.9 million shares. The investor has been buying up Apple shares because he says they are undervalued.

Critics of Icahn's moves to pressure Apple on its massive cash reserves say it's a sideshow to a need for focusing on revenue growth and profit margins.

In April, Apple announced plans for $100 billion in dividends and buybacks.